Medicare premiums: Each part has a unique price

How much are Medicare premiumspremiumsThe amount you pay for your health insurance every month.
Read more »?

Each part or Medicare (A, B, C, and D) provides a different set of health insurance benefitsbenefitsThe health care items or services covered under a health insurance plan.
Read more ».¹

Medicare premiums are different for each part, too. But how different are they?

We explain what each part of Medicare might cost you.

Medicare Part A premiums (for hospital insurance)

The first part of Original Medicare, Part A, covers:

• Hospital visits
• Skilled nursing care
• Home health care
• Hospice care

For most, Medicare Part A comes at no additional cost. This is because most adults have already paid for Medicare Part A. Here’s what you need to know:

• You won’t pay Medicare premiums if you or your spouse have worked 40 quarters (10 years) or more in the United States. Why? You’ve already paid Part A Medicare premiums through Social Security taxes.
• You will pay Medicare premiums for Part A if you haven’t worked for at least 40 quarters in the U.S. In 2023, you’ll pay either $278 or $506 each month for Part A, depending on how long you or your spouse worked and paid Medicare taxes.²

Medicare Part B premiums (for medical insurance)

The second half of Original Medicare, Part B, covers:

• Doctor visits
• Preventive services
• Diagnostic testing
• Durable medical equipment (DME)

Many beneficiaries choose to enrollenrollThe process by which an eligible person becomes a member of an insurance plan.
Read more » in Part B. For most seniors, Part B costs $164.90 per month in 2023.²

However, the Part B Medicare premiumpremiumThe amount you pay for your health insurance every month.
Read more » can increase based on your annual income. The possible increase is called the Income Related Monthly Adjustment Amount (IRMAA) and is calculated based on your income two years prior to the adjustment year.³

For a closer look, see the chart below: ⁴

Medicare Part C premiums

Medicare Part C, or Medicare Advantage, is an alternative to Original Medicare.

You do not lose your Part A and Part B coverage, but you are still responsible for your Part B premiums.

With Medicare Part C, you have comprehensive coverage that often covers additional benefitsadditional benefitsAn additional insurance plan, benefit, or rider that can enhance coverage or help pay for health care costs.
Read more » such as:

• Prescriptions
• Dental services

Zero-dollar Medicare Advantage premiums are available to many. The cost will depend on factors such as your:

• Benefit choices
• Location
• Private insurance company selling the plan

Medicare Part D premiums (for prescription drug insurance)

Medicare Part D provides coverage for prescription medications. Like Medicare Part C, Medicare Part D is sold by private insuranceprivate insuranceHealth care coverage provided by a private insurance company rather than the government.
Read more » companies.

Medicare income limits also apply to Part D, meaning that IRMAA may also increase your Part D Medicare premiums.

How much will you pay for prescription drug coverage (Medicare Part D)?

Look at the chart below for more information on what your monthly Part D adjusted amount will be in 2023.

The chart is based on your filing status and yearly income for 2020.⁴

Help with Medicare premiums

There are several programs available to help qualifying beneficiaries pay for their Medicare premiums. Some of these programs can also cover copayments, coinsurancecoinsurancePercentage of costs of a covered health care service you pay after your deductible.
Read more », and deductiblesdeductiblesThe amount you pay for covered health care services before your insurance pays.
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While these programs may not cover all your medical expenses, they can certainly help:

• Extra Help">Extra Help or Low-Income Subsidy (LIS">LIS). This subsidysubsidyHealth coverage available at reduced or no cost for people with incomes below certain levels.
  Read more » helps cover Medicare Part D (prescription drug coverage) costs.5 It can be applied to: deductibles, copayments, and premiums. HealthMarkets can help you determine whether you qualify for Extra Help">Extra Help.
• Qualified Medicare Beneficiary (QMB) Program. This program can help cover Part A and B premiums and out-of-pocket costsout-of-pocket costsYour expenses for medical care that aren't reimbursed by insurance.
  Read more » (deductibles, coinsurance, and copayments).
• Specified Low-income Medicare Beneficiary (SLMB) Program. This program can help cover Part B premiums.
• Qualified Individuals (QI) Program. This program can help cover Part B premiums.
• Qualified Disabled and Working Individuals (QDWI) Program. This program can help working disabled people who are younger than 65 and those who have lost their Medicare Part A premium-free coverage by going back to work. It helps cover Part A premiums.

Compare plans to choose the right Medicare coverage

Saving money may seem tempting on a fixed budget. However, selecting the lowest Medicare premiums may end up costing you more when it comes to deductibles, out-of-pocket costs, and uncovered medical services.

Start comparing your Medicare options or call (855) 780-9310 to talk with a licensed insurance agent today.